Rcncw.Jblcs Date: 15th May, 2019
To SSE Limited The National Stock Exchange of India Limited P J Towers, "Exchange Plaza", Dalal Street, Sandra - Kurla Complex, Mumbai - 400 001 Sandra (E), Mumbai - 400 051
Scrip Code: 541450 Scrip Code: ADANIGREEN
Dear Sir,
Sub: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations. 2015 . Presentation
The presentation on operational 8- financial highlights for the quarter and year ended 3pt March, 2019 is attached herewith and the same is also being uploaded on our website,
You are requested to take the same on your record,
Thanking You
Adani Green Energy Limited Tel +91 7925555555 Adani House Fax +91 79 2555 5500 Nr Mithakhali Six Roads investor, agel@adanLcom Navrangpura www.adanigreenenergy.com Ahmedabad 380 009 Gujarat, India CIN: U40106GJ2015PLC082007
Registered Office: Adani House, Nr Mithakhali Six Roads, Navrangpura, AI)medabad 380 009, Gujarat, India Adani Green Energy Limited Q4 & FY’19 Earnings Presentation
15 May 2019 Disclaimer
Certain statements made in this presentation may not be based on historical information or facts and may be “forward- looking statements,” including those relating to general business plans and strategy of Adani Green Energy Limited (“AGEL”),the future outlook and growth prospects, and future developments of the business and the competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of AGEL's shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of AGEL. AGEL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. AGEL assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. AGEL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of AGEL. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of its should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom.
1 AGEL: Sustainability with Profitability
4560 MW Total Portfolio 1948 MW 72 MW Solar Wind 2020 MW Operational Operational operational Portfolio
Vision to be among the Leading Global Renewable Companies 2 Remote Operation Nerve Centre (RONC)
3 Contents
01 Highlights for FY19, Strategy, Industry and Sustainability
02 Q4 and FY 2019 Performance
A Appendix
STRICTLY CONFIDENTIAL 01. Highlights for FY 2019, Strategy, Industry and Sustainability
STRICTLY CONFIDENTIAL AGEL – Leading Pan India Renewable Player, Well Diversified Portfolio 4,560 MW Portfolio, 100% ~$2bn 2,020 MW Operational 25 Year PPAs Asset Base1 57 Locations in 11 States
Amongst the Largest Renewable Utility Players in India2 Diversified Geographical Footprint1
Total Capacity (MW) TS AP CG 2.4% 1.2% MH 7,454 2.4% 0.5% PB MP 5,710 2.4% 0.3% 5,110 4,560 UP 3,059 6.6% TN 4,560 GJ 15.6% MW 33.3%
Renew Greenko ACME Solar Adani Green Azure Power Power RJ KA 15.9% 19.5% Diversified Mix of Offtakers1 Diversified Fuel Mix1
Hybrid State Govt. 8.6% Offtakers • 39% SECI AA+ rated • NTPC BBB– Int’l rating 4,560 Wind 4,560 Solar 57.5% MW Govt. of India 33.9% MW Owned Offtakers 61%
AGEL is the only Large Listed Pure Play Renewable Power Producer in India Notes: Exchange rate: 1 USD = 69.2679 INR; Note: GJ – Gujarat; KA – Karnataka; RJ – Rajasthan; TN – Tamil Nadu; UP – Uttar Pradesh; PB – Punjb; CG: Chattisgarh; TS: Telangana; AP – Andhra Pradesh; MH – Maharashtra; MP: Madhya Pradesh; BESCOM – Bangalore Electricity supply company Ltd; PSPCL – Punjab State Power Corporation Limited; 1 As of Mar-19; 2 Source: CRISIL, Total Capacity of 4560 MW doesn’t include 40 MW project (Bitta) which is part of Adani Power Limited
6 FY 2019 Highlights
Operational Financial Strategic
. Average Availability of . AGEL’s Equity Shares listed on . Won new PPAs for 99.00% in FY 19 vs BSE and NSE in Q1’FY 19, . Wind – 925 MW 98.83% in FY 18 making it the first listed pure . Solar – 675 MW play renewable power . Won first hybrid project of 390 . Average PLF for producer in the country MW . Solar – 22.41%2 in FY 19 vs . Revenue of Rs. 2,058 Cr in . Bhadla solar park commissioned 20.21% in FY 18 FY19 up by 39% of 500 MW in Joint venture with . Wind – 25.89% in FY 19 vs Government of Rajasthan3 22.35% in FY 18 . EBITDA of Rs. 1,710 crore, up 105% . Fatehgarh solar park of 1500 . 2,020 MW Operational MW construction started in 1 . Cash Profit of Rs. 792 crore, Capacity Joint Venture with Government up 75% of Rajasthan. . Remote Operation Nerve . Tamilnadu refinancing (Mar- Centre (RONC) . Expected commissioning in H1 / Apr 19) released Rs. 750 Cr of operationalized at 2020 sponsor’s capital. Ahmedabad and . Wind – 200 MW connected to all plant . Solar – 200 MW locations.
1.Includes 50 MW Jhansi project commissioned in May 19 2.Calculated post capitalization 3.Includes 250 MW commissioned in Apr 19 7 AGEL’s Strategic Priorities
Growth and Vision to be one of the leading Global renewable players Returns Focus Disciplined investment decisions framework to add incremental shareholder value
Optimal Leverage internal accruals to drive RoE with accretive growth Capital Management Established pedigree to outperform WACC and commitment to maintain a strong credit profile
Build on infrastructure expertise with consistent track record of creating industry leading Project infrastructure Execution Leverage on vendor partnerships and relationships to support volumes, quality and cost
Drive high and predictable generation (Solar – P50, Wind – P75) Operational Lower cost through preventive maintenance focus Excellence Institutionalized O&M organization and practices
Stable Cash Predictable cash flow with 100% contracted business with Long term PPA’s (~25 years) Flows Over 65% (on fully completed basis) with Govt. of India Owned Counterparties
Notes: O&M – Operations & Maintenance; RoE – Return on Equity; WACC – Weighted Average Cost of Capital; PPA – Power Purchase Agreement
8 Renewables – Attractive Industry Outlook
Low Per Capita Power Consumption Untapped Solar and Wind Resources Low Generation Share
Per capita power consumption (KWh) Potential Installed capacity in GW (Apr-2019) Nuclear Hydro 3.0% US: ~11.3x India 749.0 10.0% 12,984 28.2 GW expected China: ~3.4x India to increase at Renewable 10,059 ~59% CAGR to 8.0% 113.5 GW by FY22E 7,035 World: ~2.7x India Thermal 79.0% 3,927 3,125 2,875 2,090 1,149 102.8 28.2 35.6 25.1 9.2 19.7 4.6
Solar Wind Bio-Power Small Hydropower
Aggressive Renewable Roadmap Renewables – A Competitive Power Source Attractive Source of Energy
Solar tariff Wind Solar Other renewables India’s high import dependency for energy needs ~227 GW CERC APPC – INR 3.60 / KWh High irradiation & low resource risk 3.3 3.2 47 Aggressive growth targets set by 2.4 2.5 2.4 2.5 Government ~78 GW 114 Signatory to Paris Accord 14 28 Stated commitment to install 67 ~227 GW of renewable capacity 36 FY19 FY22 Feb-17 Apr-17 May-17 Dec-17 Jul-18 Mar-19 Complementary load profile
Source: CRISIL; Notes: RPO – Renewable Purchase Obligation; Exchange rate: 1 USD = 69.2679 INR
9 Recent Industry Developments
Target for renewables in India has been increased to 227 GW by 2022 from 175 GW earlier, Out of it, 78 GW already operational.
ISTS bids called for Solar projects as well in addition to ISTS Wind projects, leading to larger scale development of renewable capacity in resource rich areas of the Country.
New Wind and Solar projects consistently below the Average Power Purchase Cost (APPC) and in most cases below variable cost of thermal power for Discom, leading to surge in demand for renewable projects.
Both GST and Safeguard Duty accepted by Regulators as Change in Law.
Multiple new transmission network projects taken up by Central Govt., for evacuation future renewable projects
Wind- Solar Hybrid Projects auctioned for first time in FY 2019, intended to provide transmission cost savings to the Grid and developers. More such projects on anvil.
Stabilisation in Solar equipment cost leading to ebbing of competition.
10 Solar bids won FY 2019: Cautious approach
Capacity offered Capacity Won by Tariff offered by Tender Location by AGEL Successful L1 Bid Tariff AGEL AGEL (MW) (MW) 750 MW Anantapuramu Solar AP 250 - No 2.72 0 Park - NTPC 1000 MW Solar ISTS - Across 200 2.71 Yes 2.71 200 MSEDCL India 2000MW - ISTS- Tranche I - Across 500 2.54 Yes 2.44 50 SECI India 2000MW Solar Projects – Across 500 2.62 No 2.59 0 ISTS - NTPC India 500MW-Solar Projects Re- GJ 200 2.44 Yes 2.44 100 tender-Sep-18 – GUVNL 500MW-A- Retender - UP 100 3.21 Yes 3.17 100 UPNEDA 550MW - Retender - UPNEDA UP 250 3.08 Yes 3.02 75 1000 MW Solar - Phase-2 - Across 500 2.76 No 2.74 0 MSEDCL India 500MW-Solar Projects Phase- GJ 150 2.67 Yes 2.55 150 IV - GUVNL Total 2650 675 Bid Conversion Ratio 25.50%
AGEL has adopted a conservative approach in bidding for new Solar Projects
11 Development Risk Profile improving
Additional Future Projects + Operational UC
4,560 4,560
1,790 2,590
2,570
2,000 612 4,560
1,192 2,770 798 1,958 1,970 485 808 313 FY16 FY17 FY18 FY19 FY20E FY21E In the forecast period given, AGEL is planning investments in international markets, primarily in the US, with approx. INR 100 Cr equity investment per year.
• 50 MW (Jhansi) project commissioned during May-19 has not included in FY 19 operational capacity. • Total Capacity of 4560 MW doesn’t include 40 MW project (Bitta) which is part of Adani Power Limited Over the years, the development risk of the portfolio is decreasing due to faster execution of projects and more projects getting commissioned in near future 12 Profitable growth leading to superior returns
Completed / Average Capacity Expected Project Revenue^ EBITDA$ Tariff # Capex / EBITDA (in MW) Cost (in Rs Cr) (in Rs Cr) (in Rs/kWh) (in Rs Cr)
Operational *
Solar 1,948 5.07 12,844 2,184 2,092 6.14
Wind 72 4.06 455.00 79 72.56 6.27
Total 2,020 5.04 13,299 2,263 2,164 6.15
Under Construction
Solar 675 2.75 2,710 458 426 6.35
Wind 1,475 2.73 8,626 1,399 1,324 6.52
Hybrid 390 2.69 2,086 351 329 6.34
Total 2,540 2.73 13,422 2,208 2,079 6.46
Portfolio Total 4,560 3.75 26,721 4,471 4,243 6.30
# – Completed Project Cost net of GST refunds to further reduce by ~300Cr, further reducing Capex/EBITDA number ^ - Solar plants Revenue @ P50 & Wind plants Revenue @ P75 $ - Estimated operational EBITDA at plant level; Does not include HO overheads * Includes 50 MW Jhansi Project commissioned in May-19
13 World Class ESG (Environment Social Governance ) Standards
Environment Social Governance
• Avoided emission near to 3.6* Million tonnes CO2 equivalent. Provided employment ESG Rapidly strengthening governance and planning • Environment protection opportunities to approx. 2500 Highlights disclosures. through Rain Water harvesting people directly & indirectly. & Waste management across Colleague crew & Faculty training the AGEL business. at Kamuthi
• Environmental and Social Impact Assessment conducted • Continuous Safe Man hour = prior to project 6.47millon. • Having Human Resources, GRM#, Anti-Fraud, implementation. • Social impact is considered Anti-Bribe and Ethics Procedure and Policies as Social Health • ISO 14001(Environment as a major factor in design & per World Bank Group, International Labour Environment Management System) & ISO development of projects. Organization. Womens day Celebration & Safety 45001 (Safety Management • Ensured land procurement • Won Safety Award for best practices in @ Pudukottai Mahal TN-Kamuthi Management System) being implemented at based on willing buyer-seller Occupational Health and Safety Management. all site. arrangement, fairness of pay, Routine EHS inspections and audits (Internal & • From April 2018- March 2019, good-faith negotiation for External) EHS trainings for 7958 hrs land-price. conducted to workers.
School children Engagement Improving the social life of people, Engagement with local • Regular Community Engagement Activities. at Rajeshwar environment by offering stakeholder for local • Internal Mandates for CSR activities. Other Social awareness and consultation on : infrastructure development, • Campaign for Environmental Day, Fire week & Initiatives • Environment Protection Schools, Panchayat buildings Safety week done along with nearby community • Usage of natural resources etc. .
Community Engagement at Madhuvanhalli
*Calculation based on emission reduction factors (combined margin as per guide version 13.0, June 2018 issued by central electricity authority) # Grievance Redressal Mechanism 14 Social initiatives impacting Environment / CSR
AGEL engages with local stake holders by organising structured meeting at regular interval to built long terms mutual relationship
15 02. Q4 and FY 2019 Performance
STRICTLY CONFIDENTIAL Operational Performance
Average Capacity (MW AC) PLF % (AC)
Solar Wind Solar Wind 1,898 1,898 1,744 29.81% 30.96% 25.89% 22.35% 21.14% 21.66% 18.55% 18.25% 21.68% 858 19.69% 20.08% 20.02% 648 648 668 16.36% 13.87% 13.53%
8.33% 60 60 60 60 60 60 72
Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 & Q3 FY19 Q4 FY19 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19
Plant Availability Volume (MUs) & Average Realization (Rs/kwh)
Solar Wind Solar Vol Wind Vol Solar Wind 6.0 5.9 6.0 5.7 99.9% 99.9% 99.5% 99.5% 99.6% 99.6% 99.6% 99.8% 5.1 5.1 5.1 5.1
4.8 89.0% 90.8% 89.6% 4.5 4.3 86.9% 87.7% 4.3 4.3 4.3 4.3 4.3 84.4% 1,061 841 907 414 73.6% 299 265 269 826 70.7% 21 25 18 17 38 40 11 29
Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19
Target Solar generation for 4,130 Mu’ @CUF of ~25% (annualized) with Avg. Realization per unit of INR 5.20 for 1,898 MWAC capacity
Target Wind generation for 135 Mu’ @CUF of ~25% (annualized) with Avg. Realization per unit of INR 4.20 for 60 MWAC capacity
17 Note: FY 19 saw low plant availability due to certain issues at the end of equipment supplier which are now resolved 1.9 GW Solar Portfolio Operational Bridge Actual to Technical Estimates*
Estimated Quarterly CUF for 1.9 GWAC Portfolio March’19 Target CUF Achieved CUF
33.00% 28.64% 28.00% 23.68% 24.22% 21.56% 23.00% 25.89%
21.68% 21.66% 18.00% 20.08% Q1FY'19 Q2FY'19 Q3FY'19 Q4FY'19
FY’19
AGEL has almost achieved its PLF P75 targets ensuring optimum plant utilization and steadily marching towards P50 Annual Target CUF for Solar capacity of 1898 MW is ~25%
• - Generation target for Kamuthi Solar plant has been adjusted to P75 level, whereas all other plants are at P5 18 • YTD CUF(AC) considered is Actual from 1st April 2018 irrespective of date of capitalization Robust financial performance driven by fully contracted cash flows
Revenue (Rs Cr.)1 EBITDA7 (Rs Cr) and margin5 (%) Cash Profit6 (Rs. Cr)
2,058 792 1,710 +39% 1,480 +75% +105% 452 834 90% 86%
FY18 FY19 FY18 FY19 FY18 FY19 Investment in CAPEX (gross) Net external debt2 and Shareholders’ Net External Debt for operating (Rs Cr) equity3 (Rs Cr) projects4 / EBIDTA
13,070 8.93 Net external debt Shareholders' equity 11,720 9,771 +12% 8,116 5.20
1,564 1,564
FY18 FY19 FY18 FY19 Notes: FY18 FY19 1 Revenue reflects income from Operation 2 Net external debt = long-term borrowings + short-term borrowings + current maturities of long-term borrowing + Capex Creditors (DA Bills) – Trade Receivables - cash and cash equivalents - bank and other bank balances - current investments- intercorporate deposit taken from related party 3 Shareholders’ equity calculated as equity share capital only (i.e, excludes reserves and surplus and minority interest, inter-alia). 4 Net External Debt2 - Debt taken for project under implementation 5 EBIDTA Margin represents EBIDTA earned from power sales and exclude other items 6 Cash profit = EBIDTA + Other income – Interest and bank charges – income tax expenses 7EBITDA = Revenue from Operation – Cost of Material consumed - Operation and Maintenance Expenses 19 Revenue, EBIDTA & Net External Debt bridge Y-o-Y
Revenue from Power Supply
EBIDTA Net External Debt Restricted Cash / EBIDTA
Particulars ( Rs Cr.) FY 19 FY 18
Restricted cash
Debt Service Reserve Account (DSRA) 364 216
Margin money 46 232
Trust Retention Account (TRA) 95 77
Total Restricted cash 505 525
EBITDA 1710 834
Restricted cash / EBIDTA 0.30 0.63
Entire EBITDA for the FY 19 freely available for business use
21 Debt Profile (Avg. maturity ~ 13 yrs.)
(Rs. Cr)
External project debt Less than 1 From 1 to 5 More than 5 Nature of Debt outstanding as on year year year March 31, 2019
Rupee term loan 6,603 353 2,914 3,336
External commercial borrowing 1,612 80 649 882
Buyers Credit* 1,258 304 294 661
Foreign LC* 317 7 95 215
Inland LC* 767 534 72 161
Grand Total 10,557 1,278 4,025 5,255
* Expected to get refinanced in to term loan for suitable maturity.
Enabling quick capacity ramp up by internal accruals thereby improving of Eq.IRR / NPV
22 Power Generation receivables Ageing (Rs. Cr.)
Overdue Off Takers Not Due* 0-60 61-90 91-120 121-180 >180 Total** days days days days days TANGEDCO 203 100 47 65 110 37 562 NTPC 86 9 - - - - 95 SECI 38 1 0 - - - 40 Others 50 12 2 3 7 6 80 Total 377 123 50 68 117 43 777
*includes unbilled revenue of Rs. 203 Cr ** Late payment surcharge and disputed revenue not recognized as revenue, unless realized
Healthy debtor profile with significant prompt payment discount of Rs. 24 Cr. for FY 19. With Increase in NTPC / SECI operating capacity, receivables ageing expected to further improve.
Tamil Nadu Generation and Distribution Corporation (TANGEDCO), National Thermal Power Corporation (NTPC), Solar Energy Corporation of India Limited(SECI)
23 Financial Summary – Income Statement
Particulars (INR Cr) Q4’19 Q4’18 FY19 FY18 Revenue from Operation 681 406 2058 1480 Other income 38 11 73 39 Total Revenue 719 417 2131 1519 Cost of material consumed and others 130 109 130 514 Operational & Maintenance expenses 81 49 218 132 Finance Costs 274 142 985 418 Derivative and Exchange difference 21 22 320 121 Depreciation and amortization expenses 293 166 1062 543 Total Expenses 799 487 2716 1729 Profit / (Loss) Before Tax -86 -71 -588 -210 Tax Expense (including deferred tax) 8 -28 -113 -73 Profit / (Loss) After Tax -94 -43 -475 -138 EBIDTA3 470 248 1710 834
Particulars (INR Cr) FY19 FY18 Cash Profit1 792 452 Cash profit available for equity share 413 361 holders2 Cash profit available per share2 2.64 2.31 1 Cash Profit = Profit / (Loss) after Tax + Deferred Tax + depreciation + Derivative and Exchange difference 2 Cash profit available for equity shareholders = Cash Profit - Scheduled Repayments 3 EBITDA = Revenue from Operation – Cost of Material consumed - Operation and Maintenance Expenses
24 Financial Summary – Balance Sheet
Particulars (INR cr) FY19 FY18 Assets Non Current Assets Fixed Assets: Gross Block 12,331 9,996 Less :-Accumulated Depreciation (1,943) 876 Net Block 10,388 9,120 Capital work-in-progress 743 1,725 Financial Assets 507 453 Deferred Tax Assets 376 246 Other Non Current Assets 570 434 Current Assets Inventories 136 1692 Trade Receivables 758 848 Cash and Cash Equivalent 361 457 Other Financial Assets 42 530 Other Current Assets 400 204 Total Assets 14,658 15,709 Equity and Liabilities Total Equity 840 1,341 Unsecured Perpetual Debt1 1,093 - Non Current Liabilities Borrowings 9,948 8,373 Other 78 16 Current Liabilities Borrowings 742 1,351 Payables 194 119 Other financial liabilities 1,763 4,509 Total Equity + Liabilities 14,658 15,709
1. Promoter Debt of perpetual nature in form of ICD has been re-categorized as Perpetual Debt 25 Capital Structure as enabler for growth
Efficient refinancing to unlock cash flows Debt Philosophy for growth
Pool with NTPC – 370 MW (40%) 100% SECI – 160 MW (17%) Project debt self-amortizing before end of contracted diversified State DISCOMs with A rated or more – 160 MW life Counterparty (17%) Mix Other State DISCOMs – 240 MW (26%) +95% of FX and interest rate fixed or hedged Stable & 100% contracted business with Long term PPA’s (~25 years) Predictable Over 60% (on fully completed basis) with 1 year Cash Flows Sovereign equivalent counterparties “Tail periods” in all SPV level debt Project Each pool is ring fenced Strong Sponsor Finance Debt size and covenant linked to credit quality Leadership in infrastructure sector protections Generation mix is assured for life of pool
AGEL has announced to raise USD [500] mn High margins (~90% EBITDA margin), sustained Robust growth and strong credit (conservative with all bonds. The issue has been rated BB+ by S&P and Operational & debt retired within PPA term) BB+ by Fitch and AA (SO) by IndRa & CRISIL Financial Comprehensive information and compliance Performance package Highest Rated Indian Renewable Bond Issuer Vision to make AGEL IG rated by focusing on cost of capital & accretive returns
Debt Repayment includes the repayment of existing debt + debt to be drawn for the construction of projects in pipeline today. Straight Line repayment for under construction assets debt
26 AGEL: A Compelling Investment Opportunity
Adani group is a leader in infrastructure –ports, T&D, thermal power and renewables 1. Infrastructure lineage Proven track record of excellence in development & construction
India plans to grow renewables from 75GW to 175GW in next few years 2. Significant Growth Economics of renewable power superior to that of thermal Opportunity AGEL has large land bank, rich in solar and wind resources, located next to green corridor
Disciplined approach towards new project bidding, strong focus on returns 3. Disciplined Capital Allocation Optimal capital management to drive cash available to equity holders
Proven track-record operating ~2GW solar & wind 4. World-class O&M Remote Operating Nerve Centre centralises all operations and in delivering practice world class O&M practices
100% contracted business with long term PPA’s (~25 years) 5. Stable & predictable cash-flows Over 60% offtake by NTPC & SECI (on fully completed basis)
27 A. Appendix
STRICTLY CONFIDENTIAL Wind Projects Asset Level Details - Operational Solar
Counterparty SPV Project Name / Location Type Capacity (AC) Tariff COD Name Credit Rating Term AGETNL Solar 216 7.01 Mar-16 TANGEDCO ICRA (B) 25 RSPL Solar 72 7.01 Feb-16 TANGEDCO ICRA (B) 25 AGETNL KREL Solar 72 5.761&2 Mar-16 TANGEDCO ICRA (B) 25 KSPL Solar 216 5.101 Sept-16 TANGEDCO ICRA (B) 25 RREL Solar 72 5.101 Sept-16 TANGEDCO ICRA (B) 25 Sept-17-Mar- Karnataka Karnataka Solar 240 4.574 ICRA (B+ to A) 25 AGEUPL 18 ESCOMS Jhansi Solar 50 5.075 May-19 UPPCL ICRA (C) 25 KSPPL Karnataka Solar 20 4.364 Jan-18 BESCOM ICRA (A) 25 Punjab 100 Solar 100 5.88 Jan-17 PSPCL ICRA (B+) 25 UP - II Solar 50 4.78 Jul-17 NTPC Baa2/BBB- 25 PDPL AP - Ghani Solar 50 5.13 Oct-17 NTPC Baa2/BBB- 25 Rajasthan - 20 Solar 20 4.36 Nov-17 NTPC Baa2/BBB- 25 Tgana (open) Solar 50 4.67 Dec-17 NTPC Baa2/BBB- 25 Tgana DCR Solar 50 5.19 Dec-17 NTPC Baa2/BBB- 25 Karnataka - 100 Solar 100 4.79 Jan-18 NTPC Baa2/BBB- 25 Chattisgarh Solar 100 4.4253 Mar-18 SECI ICRA (AA+) 25 PSEPL Karnataka Pavagada - DCR Solar 50 4.86 Feb-18 NTPC Baa2/BBB- 25 Karnataka - DCR Solar 40 4.43 May-18 SECI ICRA (AA+) 25 Karnataka - 10 Solar 10 5.35 Oct-17 GESCOM ICRA (B) 25 Maharashtra Solar 20 4.166 Mar-18 SECI ICRA (AA+) 25 Wardha Solar Karnataka Solar 350 4.43 Feb-May18 SECI ICRA (AA+) 25 AGEL – Lahori MP Wind 12 5.92 Mar-16 MPPMCL ICRA (C+ & B+) 25 AWEGPL Gujarat Wind 48 3.92 Mar-17 GUVNL ICRA (A+) 25 Mundra Wind Gujarat Wind 12 3.46 Feb-19 MUPL ICRA AA+ 25
Total 2020
Payment Security for all projects - 1 month invoice revolving LC. Additionally, for SECI projects, corpus fund covering 3 months is provided 1. Appeal has also been filed by NSEFI before APTEL for extension of control period and restoration of tariff. 2. KREL’s 72 MW plant is split for Tariff purpose by TANGEDCO into 25 MW and 47 MW at Tariff of 7.01 Rs./kWh and 5.10 Rs./kWh respectively. The said order has been challenged before the Tamil Nadu High Court. 3. The Company has filed Force Majeure claim on account of stay order issued by the Hon’ble High Court of Chhattisgarh. SECI has not accepted our claim. Petition is being filed before CERC challenging the said reduction in tariff from Rs. 4.43/kwh to Rs. 4.425/kwh and LD deduction. 4. The Company has filled petition with KERC for extension of original PPA tariff instead of regulated tariff (Rs. 4.36/kwh) due to force majeure reasons. 5. As per UPERC order, tariff has been revised from Rs .8.44 to Rs. 5.07. Order has been appealed before APTEL, where currently pleadings are being done. 6. For Kilaj a petition is being filed before CERC. 29 Wind Projects
Asset Level Details – Under Construction Solar
Hybrid
Project Name / Capacity SPV Type Tariff COD Counterparty Location (AC)
Name Credit Rating Term
ARERJL Rajasthan Solar 200 2.71 Aug-19 MSEDCL ICRA (B+) 25 AGEONEL Gujarat Solar 150 2.67 Nov-20 GUVNL ICRA (A+) 25 GSBPL Gujarat Solar 100 2.44 Aug-20 GUVNL ICRA (A+) 25 Kilaj SMPL – SECI Rajasthan Solar 50 2.54 July-20 SECI ICRA (AA+) 25
Kilaj SMPL – UPNEDA UP Solar 100 3.21 Sept-20 UPPCL ICRA (C) 25
UPPCL UP Solar 75 3.08 Nov-20 UPPCL ICRA (C) 25 AGEMPL – SECI 1 Gujarat Wind 50 3.46 July-19 SECI ICRA (AA+) 25 AGEMPL - SECI 2 Gujarat Wind 50 2.65 July-19 SECI ICRA (AA+) 25 AGEMPL - SECI 3 Gujarat Wind 250 2.45 Nov-19 SECI ICRA (AA+) 25 AREGJL Gujarat Wind 75 2.85 Jan-20 MSEDCL ICRA (B+) 25 ARETNL – SECI 4 Gujarat Wind 300 2.51 Feb-20 SECI ICRA (AA+) 25 AWEGJL – SECI 5 Gujarat Wind 300 2.76 Jul-20 SECI ICRA (AA+) 25 INOX 1 @ Gujarat Wind 50 3.46 Apr-19 SECI ICRA (AA+) 25 INOX 2 @ Gujarat Wind 50 3.46 May-19 SECI ICRA (AA+) 25 INOX 3 @ Gujarat Wind 100 2.65 July-19 SECI ICRA (AA+) 25 AGETHREEL Gujarat Wind 250 2.82 Dec-20 SECI ICRA (AA+) 25 Hybrid Rajasthan Hybrid 390 2.69 Sept-20 SECI ICRA (AA+) 25 Total 2,540
Payment Security for all projects - 1 month invoice revolving LC. Additionally, for SECI projects, corpus fund covering 3 months is provided @ AGEL has acquired / is in the process of acquiring beneficial interest in the project, subject to the terms of the PPA
1. Appeal has also been filed by NSEFI before APTEL for extension of control period and restoration of tariff. 2. KREL’s 72 MW plant is split for Tariff purpose by TANGEDCO into 25 MW and 47 MW at Tariff of 7.01 Rs./kWh and 5.10 Rs./kWh respectively. The said order has been challenged before the Tamil Nadu High Court. 3. The Company has filed Force Majeure claim on account of stay order issued by the Hon’ble High Court of Chhattisgarh. SECI has not accepted our claim. Petition is being filed before CERC challenging the said reduction in tariff from Rs. 4.43/kwh to Rs. 4.425/kwh and LD deduction. 4. The Company has filled petition with KERC for extension of original PPA tariff instead of regulated tariff (Rs. 4.36/kwh) due to force majeure reasons. 5. As per UPERC order, tariff has been revised from Rs .8.44 to Rs. 5.07. Order has been appealed before APTEL, where currently pleadings are being done. 6. For Kilaj a petition is being filed before CERC. 30 AGEL: International Opportunity
Vietnam Vietnam Project Name MIDLAND HARTSEL HUNTER SIGURD US Total Solar Wind Project Capacity 72.1 72 100 80 324.1 38.1 MWac 27.2 MW (MWac) South Location Colorado Utah Utah Ninh Thuan Province Carolina Expected Project Jul-20 Dec-22 Dec-20 Dec-20 Dec-20 Dec-20 CoD South Electricity Electricity Carolina Xcel Offtaker PacifiCorp PacifiCorp of Vietnam of Vietnam Electric & Energy ("EVN") ("EVN") Gas Co
PPA Tariff ($/MWh) $33.65 $26.84 $31.28 $28.82 $93.5 $85
Total Project Cost 516.3 516.3 113.5 (USD Mn)
AGEL's Interest 51% 51% 100%
AGEL's Expected 43 Equity (USD Mn)
In addition to the above, AGEL holds 10% stake in the 65 MW Rugby Run project in Australia for which limited corporate guarantee has been given.
31 AGEL – Holding Structure Renewable Energy Business
Promoters Public
86.58%86.50% Adani Green Energy Ltd. 13.42%13.50% MP - 12 MW Wind
100% 100% 100% 100% 100% 100% 100% 100% 100%
PDPL AGE(TN)L AGE(UP)L PSEPL GS(B)PL AWE(G)PL AGE(MP)L ARE(KA)L MS(UP)PL 220 MW 216 MW 290 MW 420 MW 100MW 48 MW 350 MW 12 MW
PJ – 100 MW UP I - 50 MW KN II – 200 MW GJ I - 100 MW GJ I – 30 MW GJ III – 50 MW GJ VII – 12 MW AP – 50 MW KN I – 240 MW TLG – 100 MW GJ II – 18 MW GJ IV – 50 MW 100% UP II - 50 MW CG – 100 MW RREL – 72 MW GJ V – 250 MW ARE(RJ)L RJ I – 20 MW MH – 20 MW RJ II – 200 MW RSPL - 72 MW ARE(TN)L KS(M)PL KN VI – 300 MW RJ III - 50 MW 100% WS(M)PL KREL – 72 MW 100% UP III - 100 MW KN III – 350 MW 100% ARE(GJ)L AWE(TN)L MH – 75 MW KSPL – 216 MW UP IV – 75 MW ASU(KA)L Hybrid – 390 MW
100% 100% 100% 0%* AREP(G)L AWE(GJ)L KSPPL NEW SPVs 400 MW 300 MW 20 MW 200 MW Solar GJ IX – 300 MW KN IV- 20 MW WORPL / WTRPL / GJ II – 150 MW HWEPL / VWEPL – Solar GJ VIII – 4 x 50 MW Wind Wind Solar & Wind GJ X - 250 MW
PDPL – Prayatna Developers Pvt Ltd; AGETNL – Adani Green Energy (Tamil Nadu) Ltd; RREL – Ramnad Renewable Energy Ltd; RSPL – Ramnad Solar Power Ltd, KREL - Kamuthi Renewable Energy Ltd; KSPL - Kamuthi Solar Power Ltd; AGE(UP)L - Adani Green Energy (UP) Ltd; PSEPL – Parampujya Solar Energy Pvt Ltd; WS(M)PL – Wardha Solar (Maharashtra) Pvt Ltd; GS(B)PL – Gaya Solar (Bihar) Pvt Ltd; AWE(G)PL – Adani Wind Energy (Gujarat) Pvt Ltd; AGE(MP)L – Adani Green Energy (MP) Ltd; MS(UP)PL – Mahoba Solar (UP) Pvt Ltd.; ARE(KA)L - Adani Renewable Energy (KA) Ltd; KSPPL – Kodangal Solar Parks Pvt Ltd; WORPL – Wind One Renergy Pvt Ltd; WTRPL – Wind Three Renergy Pvt Ltd; HWEPL – Haroda Wind Energy Pvt Ltd; VWEPL – Vigodi Wind Energy Pvt Ltd; AWE(GJ)L - Adani Wind Energy (GJ) Ltd.; ARE(GJ)L - Adani Renewable Energy (GJ) Ltd.; ARE(TN)L - Adani Renewable Energy (TN) Ltd.; ARE(RJ)L - Adani Renewable Energy (RJ) Ltd.; KS(M)PL - Kilaj Solar (Maharashtra) Pvt. Ltd. ; AWE(TN)L-Adani Wind Energy (TN) Limited; ASU(KA)L - Adani Saur Urja (KA) Limited; AREP(G)L - Adani Renewable Energy Park (Gujarat) Ltd *AGEL has agreed for acquisition of complete stake post one year of CoD of project ALL CAPACITIES ARE INMW AC
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Date & Time of Download : 15/05/2019 22:30:02
BSE ACKNOWLEDGEMENT
Acknowledgement Number 693618 Date and Time of Submission 5/15/2019 10:29:50 PM Scripcode and Company Name 541450 - Adani Green Energy Ltd Subject / Compliance Regulation Announcement under Regulation 30 (LODR)-Investor Presentation Submitted By Pragnesh Darji Designation Company Secretary &Compliance Officer
Disclaimer : - Contents of filings has not been verified at the time of submission.
Date of 15-May-2019
NSE Acknowledgement
Symbol:- ADANIGREEN Name of the Company: - Adani Green Energy Limited Submission Type:- Announcements Short Description:- Investor Presentation Date of Submission:- 15-May-2019 10:32:50 PM NEAPS App. No:- 2019/May/3611/3686
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